Fitting Long-Term Care Insurance into an Already Tight Budget

By Steve Elliott | June 28, 2023 | Comments Off on Fitting Long-Term Care Insurance into an Already Tight Budget

When the economy is doing well, people seem to have plenty of disposable income. They don’t count their pennies or really work too hard from a budget. They may have a ‘loose’ budget, but not something where they’re watching every dollar they spend. Unfortunately, the economy doesn’t always stay strong. When things get tough, that’s when people start saving, scrimping, and hawking over their dollars and cents. What if somebody is already on a tight budget? Even when the economy is good they don’t have a lot of disposable income. What do they do, then, for certain expenses that may be deemed necessary or important? One of those might be a long-term care insurance policy for somebody in their early to mid-50s.

Long-Term Care Insurance Oceanside CA - Fitting Long-Term Care Insurance into an Already Tight Budget

Long-Term Care Insurance Oceanside CA – Fitting Long-Term Care Insurance into an Already Tight Budget

They may need to tighten their budget even more.

Long-term care insurance is vital for those who are saving for retirement. Yes, it’s vital for anyone who wants to enjoy retirement and understands the risk of needing some type of long-term care in the future.
Did you know that about 70 percent of seniors over the age of 70 will require some type of long-term care in the future? Most health insurance policies do not cover that type of long-term care. Neither would

What Medicaid covers tends to surprise many seniors.

Most Americans seem to think Medicaid covers everything once you’ve reached retirement age, but that is completely untrue. When it comes to long-term care, in most states Medicaid only covers nursing home care, and only after a person has exhausted all of their available assets and savings, which often includes the equity in their home.

Imagine having to use the equity in your home to pay for nursing home care before the federal government kicks in and starts covering it. What if you don’t want to spend your time in a nursing home?

You don’t have many options in most states if you expect the federal government through Medicaid to cover it. That’s where insurance becomes so important. You get to choose the type of long-term care you rely on, whether it’s assisted living, in-home care, or nursing home.

Most long-term care insurance policies will cover those expenses for up to three years. That all depends on the policy you choose, of course, so how do you budget for this?

Find out how much a long-term care insurance policy will cost.

Speak to a licensed and experienced broker or agent who deals with plenty of long-term care insurance policies. You may get a standalone policy or bundle it with a life insurance policy. There are different options that can affect the cost.

Determine which policy is right for you and your spouse or other dependent, determine the cost of the policy, and then move on to the next step:

Find out your current unnecessary expenses.

Too often, with debit cards and credit cards, we just swipe a card for almost every purchase. If you don’t track your purchases, you could be spending $50, $100, $200, or more every month on eating out, snacks, café double lattes, and much more that are unnecessary.

Trim unnecessary expenses.

This includes streaming services or other auto-pay services you don’t even use, to cover long-term care insurance.

If you or a loved one are considering Long-Term Care Insurance in Oceanside CA, please contact Steve Elliott at Capstone Insurance for an honest discussion about your future and your options. Call today at (858) 350-3161.

Steve Elliott
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